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LONDON (Alliance News) - Cyan Holdings PLC on Wednesday said revenue for its first half is expected to be more than six times higher than that posted for the same period a year earlier, in line with its expectations, after an "exceptionally busy period".
Cyan, which designs mesh-based flexible wireless products used for utility metering and lighting control, said it expects to post revenue of GBP1.0 million for the six months ended June 30, more than six times higher than the GBP157,238 revenue a year earlier.
Cyan said the first half was an "exceptionally busy period for the group" as it focused on delivery on the contracts it won during 2015 and completed its acquisition of Sweden-based supplier wireless technology provider Connode Holding AB.
The company noted that it made "substantial progress" in India during the period in delivering the two contracts worth GBP1.5 million to Enzen Global Solutions Pvt Ltd, which are being implemented on behalf of public utilities Chamundeshwari Electricity Supply Corp and Paschimanchal Vidyut Vitran Nigam Ltd, underpinning its strong revenue performance.
Cyan said it will continue to focus on growing its geographic reach in profitable markets as well as cementing relationships with existing customers, and has identified a pipeline of new and existing opportunities, a number of which are undergoing preparation for launch in the second half of 2016.
"We have strong relationships in place and have rapidly increased our target markest. Buoyed by the acquisition of Connode, which adds geographic reach and relevant standards to CyanConnode's portfolio, we remain excited by the group's growth prospects," said Executive Chairman John Cronin.
"We continue to explore global opportunities and look forward to integrating the Connode team and products, securing more repeat orders and benefitting from increased levels of recurring revenues. We expect trading during the second half to reflect our increasing levels of commercialisation," Cronin added.
Shares in Cyan were up 1.5% at 0.178 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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